RE:Peak ESG is now behind us
MigraineCall wrote: The worst of the ESG storm the oil industry has had to endure these last years has passed.
After nearly going off the rails, fundamentals and the maximization of return on capital are returning to the majors once again.
Javier Blass on Twitter:
Shell hikes dividend by 15%; announces capex cut.
After BP, Shell also goes back to oil (and gas): Shell abandons its plan to cut oil production annually by 1%-2%; now aims to "stabilising liquids production to 2030".
And this is a brutal statement by Shell CEO Wael Sawan, effectively erasing the legacy of his predecessor who made a big bet on shifting toward renewables:
"We will invest in the models that work – those with the highest returns that play to our strengths"
The capex cut is rather significant. It goes from $23-$27bn in 2023 (mid-point $25bn)... .. to $22-$25bn in 2024-25 (mid-point $23.5bn). https://www.shell.com/media/news-and-media-releases/2023/capital-markets-day-2023-media-release.html
yes but misinformation from EV zealots will continue on.
Here is one that
- mocks the CEO of Exxon aboujt renewables
- twisting words onf UAE speech about eventual decline of fossil fuel usage
- claiming EU demand for NG had drop due to buildup of renewables
My comments on statements made by Electric Viking
- when CEOs of Exxon, chevron, shell, Aramco speak, i do try to listen instead making fun of them. Exxon CEO was saying stop shoving money into renewable, just let the best energy form win. Viking then made an unsubstantiated claim that oil/gas companies are surviving because of $billions of subsidies.
- UAE speech didn't give time frame for the demise of petroleum, oil/gas is a non renewable resources, it will be phase out due to depletion. Duh.
- EU is using less NG because EU was blessed with a warm winter due to global warming plus shut off of russian gas. Viking didn't mention germans, polish, etc were also chopping down trees and burning more coal to backfill the expensive NG. Soon they will be getting more amercian LNG.